NSW secures Centre for International Finance and Regulation
8 July 2011
Sydney’s place as the financial capital of Australia has been confirmed with the announcement that a consortium led by the University of New South Wales will host the Centre for International Finance and Regulation, Deputy Premier and Minister for Trade and Investment Andrew Stoner said.
The announcement was made on 8 July by Mr Stoner and Federal Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten.
The successful NSW bid is worth more than $41 million, including $12.1 million funding from the Federal Government, $6 million funding from the NSW Government, a further $6 million from corporate sources and universities, and $17.5 million of in-kind support.
“We are thrilled to have brought the top four financial universities in Sydney together with banks, financial organisations, NYU and UCLA to put forward this successful bid,” Mr Stoner said.
“Today’s announcement signals the beginning of a new era of co-operation between the NSW Government, our universities and the financial sector.”
Mr Stoner said Sydney is the natural home for the Centre for International Finance and Regulation.
“NSW makes up 46 per cent of the national finance and insurance industry, accounting for almost five per cent of Australia’s GDP,” Mr Stoner said.
“Finance and insurance services is the largest sector in the NSW economy so the NSW Government was keen to secure this important project.
“Determined to put Sydney’s financial sector on the world stage, I met with NYU representatives both here and in New York to advocate for the Centre.
“The NSW Innovation Council, under the outstanding leadership of its Chair Steven Harker, played a key role in ensuring a coordinated approach was taken by all the participating NSW universities.
“Under the new NSW Government, Sydney is asserting its financial authority once more,” Mr Stoner said.
Mr Harker, who is also the CEO of Morgan Stanley Australia, said the finance industry supports this initiative.